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TMI Blog2019 (9) TMI 855X X X X Extracts X X X X X X X X Extracts X X X X ..... arned by the assessee from short term fixed deposit but while evaluating the legality of the revisional order passed by Pr CIT u/s.263 the Tribunal order (supra) cannot be taken into consideration as has been passed anti-dated. As brought to our notice by ld A.R. that the Assessing Officer has made addition in the reassessment order passed in pursuance to the impugned order of Pr. CIT u/s.263 of the Act, wherein, addition has been made in the hands of the assessee. Ld A.R. informed the bench that the appeal of the assessee is pending before the CIT(A). We are of the view that Pr. CIT has proceeded to invoke the powers available to him u/s.263 of the Act and after perusal of the assessment records, he found that there was no enquiry by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AND LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessee by: Shri K.K.Bal/ S.K. Behera, ARs Revenue by: Shri Saad Kidwai, DR ORDER Per C.M. Garg, JM This is an appeal filed by the assessee against the order of the PCIT,- 1, Bhubaneswar dated 22.2.2017 for the assessment year 2012-13. 2. In this appeal, the assessee has challenged the order of the Pr. CIT exercising revisional power u/s.263 of the Act. 3. We have heard the rival submissions, perused the orders of the lower authorities, inter alia, paper book submitted by the assessee and other relevant orders placed on the record of the Tribunal. 4. Ld A.R. subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see s own appeals for the assessment years 2011-12, 2013-14 and 2014-15, ld A.R. submitted that Pr. CIT has picked up the issue of interest on bank deposits which were shown by the assessee in the balance sheet under the head other current assets . Ld A.R. strenuously contended that this issue has been decided by the Tribunal in favour of the assessee for earlier and subsequent assessment years by holding that interest earned by the assessee should not be treated as income from other sources and the claim of the assessee has been allowed by the Tribunal for all three assessment years i.e, preceding assessment year 2011-12 and subsequent assessment years i.e. 2013-14 2014-15. Ld A.R. submitted that in view of above factual position, the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h were picked up by Pr.CIT for invoking the jurisdiction of section 263 of the Act. It is also not in dispute that Pr. CIT has passed the impugned order u/s.263 of the Act on 22.2.2017 whereas the Tribunal order in assessee s own appeals was passed subsequently on 31.8.2018, wherein, in para 12, the Tribunal on the issue of interest on short term fixed deposit decided with the following observations: 12. We find that the funds of the assessee company kept in the short term fixed deposits out of the share capital amount and not any surplus arising out of the running business, the interest earned on funds primarily brought for infusion in the business activity cannot be termed as income from other sources, whereas the interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpugned order revising the assessment. 9. Be that as it may, the subsequent Tribunal order defines favours the assessee s stand on the issue of interest earned by the assessee from short term fixed deposit but while evaluating the legality of the revisional order passed by Pr CIT u/s.263 of the Act, the Tribunal order (supra) cannot be taken into consideration as has been passed anti-dated. 10. It has also been brought to our notice by ld A.R. that the Assessing Officer has made addition in the reassessment order passed in pursuance to the impugned order of Pr. CIT u/s.263 of the Act, wherein, addition has been made in the hands of the assessee. Ld A.R. informed the bench that the appeal of the assessee is pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Pr. CIT was right in revising the assessment order dated 25.3.2015 passed u/s.143(3) of the Act and directing the AO to pass the denovo assessment order on the said issue. 12. So far as the findings recorded by the Tribunal dated 31.8.2019 at para 12 is concerned, these findings may be considered by the revenue authorities while deciding the issue but the same cannot be pressed into service in favour of the assessee while adjudicating the issue of validity and sustainability of order of Pr. CIT u/s.263 of the Act. 13. Before we part with this order, we find it appropriate to record that we are not expressing any opinion on the merits of the issue and same is left open to the CIT(A) while deciding the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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